Might As Well was first performed live by the Grateful Dead on June 3, 1976. It was regularly played through 1976 but then performed only 5 times in 1977, not at all in 1978 and twice in 1979. The song returned to the repertoire in 1981 and was performed regularly through the first half of the 1980's. From 1986 onwards it was played a few times some years and not at all in others. The last performance was in March 1994. In total it was performed just over 100 times.

Robert Hunter comments on the origins of this song in Box Of Rain: Lyrics 1965 - 1993:

In the early seventies a train was leased for a trip across Canada, stopping in major cities to throw music festivals. On board were Delaney and Bonnie, Ian & Sylvia, The Band, Janis Joplin, The Grateful Dead, Charlesbois, the New Riders, and various other acts that boarded from time to time. Everyone agreed we had just about the best time of our collective lives in that week of non-stop music and partying. Nearing her last days, Janis, for one, wished aloud that the ride would never have to stop.